Siemens CFO: U.S. Education More Worrisome Than Debt

News Editor

Deficit hawks got a bit of a surprise this morning from Siemens CFO Joe Kaeser, who contradicted the idea that U.S. fiscal policies impact investment decisions of global companies. Such firms “are not geographically tied to one economy. So they are one notch above, and they can move and reallocate depending on what happens,” he said during a panel discussion with a trio of economists at The Wall Street Journal’s CFO Network Conference in Washington, D.C. this morning.

Truth really hurt doesn't it? U.S. Have been losing out on competitiveness for decades. The brightest minds at the best universities are foreigners in majority, and they used to stay and work in U.S., but now they are returning to their own country, as there are more opportunities there. Best example - China, their best of the best are returning to China because they can best utilize their skills to get rich quicker than working for a U.S. Company. Why? Because U.S. Education System produce below average students, hence below average workers. False pride and denial will only get you so far.....

6:09 pm June 21, 2011

M wrote:

This criticism is kind of empty - I graduated 8 years ago with a BS in electrical engineering from a state university with a very good regional reputation. Civilian companies were looking for virtually no US engineers, only abroad where the cost of living is and was much lower. Many engineers with Bachelors or Masters degrees abroad were being paid the equivalent of $20k at that time. That's enough money in low-cost of living countries, but not enough in high-cost-of-living places like the US or western Europe. It is ridiculous to expect the best and brightest minds in this country to spend 4 to 5 years in school and to spend that much on tuition, only to be competing against people who are working for the equivalent of a US janitor's salary.

Technology jobs have been in a state of gradual decline in the US, western Europe, and Japan for awhile now. Someday, as the high-cost-of-living countries experience continued weakening of their currencies, and developing countries experience continued strengthening of theirs, then we may see things come to an equilibrium. I don't blame companies for seeking out qualified labor at the lowest wages - that's capitalism. It helps consumers and helps people in developing countries. But company CEO's need to stop blaming the job applicants here in the US when there simply isn't that much demand for technology workers in high cost of living countries. Many science and engineering students continue spending alot of time and money chasing elusive tech jobs, only to end up in business or administrative positions. They should at least be given realistic information on the way in, instead of being told all the current job applicants were incompetent.

3:14 pm June 21, 2011

O.A. wrote:

Siemens CFO can realy educate the US! for instance, how to do business in Iran, and how to be the CFO of the company that admited to pay billions of $ as bribs, and still remain is place, and criticise the US education system. AMAIZING

3:03 pm June 21, 2011

Gaius Baltar wrote:

Why anyone can ignore the reality that the CFOs focused on the US educational system that has been the target of the far right is beyond understanding. The far right, and its political arm, the GOP, has been attacking public education for decades. That the result is a weakened and unattractive work force matters not to the far right. It is just what they want, a third-world economy where the focus is protecting billionaires from the rabble.

As for dependency on the government, take a look at the banking industry. It's been sucking at the taxpayers' teats for decades. And farming. And real estate. And Big Pharma. And tech.

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